{"id":57479,"date":"2025-11-24T12:49:30","date_gmt":"2025-11-24T12:49:30","guid":{"rendered":"https:\/\/thecryptocurrencypost.net\/es\/?p=57479"},"modified":"2026-05-30T09:24:03","modified_gmt":"2026-05-30T07:24:03","slug":"el-bce-redobla-su-advertencia-de-que-las-stablecoins-podrian-plantear-riesgos-financieros-globales","status":"publish","type":"post","link":"https:\/\/thecryptocurrencypost.net\/es\/el-bce-redobla-su-advertencia-de-que-las-stablecoins-podrian-plantear-riesgos-financieros-globales\/","title":{"rendered":"El BCE redobla su advertencia de que las stablecoins podr\u00edan plantear riesgos financieros globales"},"content":{"rendered":"<p><strong>El Banco Central Europeo (BCE) reiter\u00f3 su advertencia sobre los riesgos globales de las <a href=\"https:\/\/thecryptocurrencypost.net\/es\/tag\/stablecoins\/\">stablecoins<\/a><\/strong> y elev\u00f3 el tono tras declaraciones de noviembre de 2025 de responsables como la presidenta Christine Lagarde y el gobernador Olaf Sleijpen. <strong>Seg\u00fan el BCE, la r\u00e1pida adopci\u00f3n de tokens anclados a divisas extranjeras puede tensar la liquidez bancaria y reducir la efectividad de la pol\u00edtica monetaria<\/strong>.<\/p>\n<p><!--more--><\/p>\n<p>El <a href=\"https:\/\/www.ecb.europa.eu\/press\/financial-stability-publications\/fsr\/focus\/2025\/html\/ecb.fsrbox202511_05~63636227b4.en.html\" target=\"_blank\" rel=\"noopener noreferrer\">BCE<\/a> identifica varias v\u00edas de contagio sist\u00e9mico y advierte que las stablecoins pueden \u00absiphon off\u00bb dep\u00f3sitos minoristas, <strong>reduciendo la base de financiaci\u00f3n estable de los bancos europeos y empujando a las entidades hacia fuentes de liquidez m\u00e1s vol\u00e1tiles<\/strong>.<\/p>\n<p><strong>El crecimiento de stablecoins denominadas en d\u00f3lares \u2014que aument\u00f3 un 48% en 2025 hasta superar una capitalizaci\u00f3n aproximada de $300.000 millones\u2014<\/strong> plantea un riesgo de erosi\u00f3n de la soberan\u00eda monetaria y de la transmisi\u00f3n de la pol\u00edtica del BCE.<\/p>\n<p>El <a href=\"https:\/\/thecryptocurrencypost.net\/es\/bce-fija-2029-como-fecha-de-lanzamiento-para-el-euro-digital\/\" target=\"_blank\" rel=\"noopener\">BCE<\/a> tambi\u00e9n subraya la posibilidad de una \u00abrun\u00bb digital, con redenciones masivas que obliguen a emisores a liquidar reservas a precios de \u00abfire sale\u00bb. <strong>Ese escenario, pavimentado por precedentes como el colapso de TerraUSD en mayo de 2022, podr\u00eda perturbar mercados de activos de alta liquidez<\/strong>; las mayores stablecoins concentran reservas comparables a importantes fondos del mercado monetario, con exposici\u00f3n relevante a letras del Tesoro de EE. UU.<\/p>\n<h2>Riesgos clave se\u00f1alados por el BCE<\/h2>\n<p>Adem\u00e1s, el organismo advierte sobre el <strong>arbitraje regulatorio transfronterizo<\/strong> en modelos con emisores conjuntos de la UE y terceros pa\u00edses. Cuando los inversores europeos privilegien tokens emitidos bajo normas comunitarias en momentos de estr\u00e9s, los emisores podr\u00edan no disponer de reservas suficientes supervisadas por la UE para satisfacer tanto a tenedores europeos como no europeos, amplificando el riesgo dentro del espacio euro.<\/p>\n<p>El BCE y entidades multilaterales exigen marcos regulatorios coordinados. <strong>El Banco de Pagos Internacionales (BIS) calific\u00f3 las stablecoins como fuente de riesgo sist\u00e9mico en su informe anual de 2025<\/strong> y promovi\u00f3 la tokenizaci\u00f3n acelerada por bancos centrales como alternativa regulada.<\/p>\n<p>En la UE, <strong>la normativa MiCA y las advertencias del Comit\u00e9 Europeo de Riesgo Sist\u00e9mico<\/strong> aparecen en el debate como instrumentos para mitigar vulnerabilidades; al mismo tiempo, la divergencia de enfoques con Estados Unidos expone un dilema sobre si el futuro del dinero ser\u00e1 predominantemente privado o centralizado.<\/p>\n<p>En el \u00e1mbito operativo y de protecci\u00f3n al usuario, el BCE pone el foco en la <strong>transparencia de reservas, mecanismos de redenci\u00f3n y salvaguardas contra el fraude<\/strong>, al considerar que la ausencia de estos elementos erosiona la confianza y aumenta la probabilidad de p\u00e1nicos digitales.<\/p>\n<p><strong>La advertencia del BCE realza un cuadro de riesgos heterog\u00e9neos: bancarios, de pol\u00edtica monetaria, de mercado y operativos, que exigen respuestas regulatorias internacionales<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El Banco Central Europeo (BCE) reiter\u00f3 su advertencia sobre los riesgos globales de las stablecoins y elev\u00f3 el tono tras declaraciones de noviembre de 2025 de responsables como la presidenta Christine Lagarde y el gobernador Olaf Sleijpen. Seg\u00fan el BCE, la r\u00e1pida adopci\u00f3n de tokens anclados a divisas extranjeras puede tensar la liquidez bancaria y [&hellip;]<\/p>\n","protected":false},"author":33,"featured_media":57477,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rank_math_title":"","rank_math_description":"","rank_math_robots":[],"footnotes":""},"categories":[82,33],"tags":[511,663,383],"class_list":["post-57479","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economia","category-editors-picks","tag-bce","tag-mica","tag-stablecoins"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>El BCE redobla su advertencia de que las stablecoins podr\u00edan plantear riesgos financieros globales The CryptoCurrency Post ESP<\/title>\n<meta name=\"description\" content=\"El Banco Central Europeo (BCE) reiter\u00f3 su 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